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Help me save up and move out!

Discussion in 'Business, Careers & Education' started by BlacKidLA, Nov 20, 2011.

  1. Joffrey

    Joffrey Senior member

    Messages:
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    Location:
    Pennsylvania Ave/Connecticut Ave
    Jesus don't trade your savings. Put it in a ING/Online account until you accumulate enough money for a CD or Money Market. Those are pretty liquid, are quite safe, but offer better than savings account returns. But it won't be much. When you get a decent rainy day fund (say $5k) then maybe you can open an investment account like a mutual fund. Please do not trade on your savings.

    Anyway, instead of listening to the above, just don't trade on your savings. While you do that, read up on investing (not trading, investing) and maybe you will begin to understand how to manage your money.
     
  2. Lord-Barrington

    Lord-Barrington Senior member

    Messages:
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    Save a good 6K and put in a low interest, easily accessible savings accounts. That's your emergency fund.

    With the rest, you can consider putting it in a passively managed index fund with low fees like Vanguard and leaving it there for the long-term.
     
  3. CYstyle

    CYstyle Senior member

    Messages:
    1,219
    Joined:
    Jul 18, 2009
    Learn how to invest. I'd advise against dropping money straight into a fund. Many funds don't even beat the s&p, yet they still charge the fees.

    Regardless you'd need to save a bit to invest anyhow. I'd say you'd need at least 2-5k capital to invest otherwise your risk is too high.
     
  4. Lord-Barrington

    Lord-Barrington Senior member

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    Vanguard has a great record and its fees are the lowest on the planet. Something like 0.15%. That's why it's a nice bet for someone with not a lot of money to invest.

    I agree that the OP shouldn't start trying to pick mutual funds, though.
     
  5. NorCal

    NorCal Senior member

    Messages:
    8,419
    Joined:
    Jun 3, 2007
    Move out.
    For God's sake, move the fuck out! You want to work in a creative field, to be "in the mix," as it were, don't take the Asian accountant path in life. Nothing wrong with staying at home for a few months to save up first and last, maybe buy a cheap car, but don't start down the "avoid every risk, think only about financial security" path this early in life.
     

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